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Gold and SPX 500 Digesting Losses, Oil Bounces from Trend Support

Gold and SPX 500 Digesting Losses, Oil Bounces from Trend Support

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • US Dollar Still Waiting for Direction Guidance in a Choppy Range
  • S&P 500 Pause to Digest Losses After Three Days on the Downside
  • Crude Oil Rebounds, Gold Prices Oscillating in Familiar Territory

Can’t access the Dow Jones FXCM US Dollar Index? Try the USD basket on Mirror Trader. **

US DOLLAR TECHNICAL ANALYSIS – Prices continue to mark time in a choppy range after opening June at a seven-week high. Near-term support is at 11887, the 38.2% Fibonacci retracement, with a break below that on a daily closing basis exposing the 50% level at 11839. Alternatively, a move above the 12024-43 area (June 1 and June 5 highs) opens the door for a challenge of double top resistance at 12149.

Daily Chart - Created Using FXCM Marketscope

** The Dow Jones FXCM US Dollar Index and the Mirror Trader USD basket are not the same product.

S&P 500 TECHNICAL ANALYSIS – Prices paused to digest losses after three consecutive days of downward momentum. Sellers are now challenging the 61.8% Fibonacci retracement at 2077.20, with a break below that exposing the 76.4% level at 2063.00. Alternatively, a move back above the 50% Fib at 2088.60 targets the 38.2% retracement at 2100.00.

Daily Chart - Created Using FXCM Marketscope

GOLD TECHNICAL ANALYSIS – Prices are digesting losses after dropping to a three-month low. A break below the 38.2% Fibonacci expansion at 1169.31 exposes the 50% level at 1149.85. Alternatively, a move above support-turned-resistance at 1178.09, the March 31 low, targets the 23.6% Fib at 1193.38.

Daily Chart - Created Using FXCM Marketscope

CRUDE OIL TECHNICAL ANALYSIS – Prices continue to oscillate above support at a rising trend line guiding the move higher since mid-January. A break below this barrier (now at 62.64) exposes the 38.2% Fibonacci retracement 60.27. Alternatively, a reversal above downward-sloping resistance at 65.13 targets the May 6 high at 69.60, followed by the 38.2% Fib expansion at 70.25.

Daily Chart - Created Using FXCM Marketscope

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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